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  • Writer's pictureInvestment Synergy Team

Investing in property doesn't need to be a gamble ...............

British would-be buyers of property in Spain are set to face disruption and lengthy delays for completion of contract because of a

Franco-era security law passed in 1975 that due to Brexit they are no longer exempt from.

The law that affects 1560 municipalities is still in force and decrees that non-EU nationals seeking to buy properties within a certain range of strategic military installations and / or restricted areas will be required to obtain a special permit from the Ministry of Defence.

According to Jesualdo Ros, General Secretary of PROVIA (Association of Real Estate Developers - Alicante) the process of completing a property purchase could take anything up to a year.

Mr Ros stresses that this delay will affect all aspects of a property purchase. 'A Notary cannot issue a property Deed to a non-EU resident without this documentation'. Mr Ros adds 'Nor can a loan be requested as the banks do not know what the interest rate will be when the process is completed. Even the value of the property cannot be appraised. It really is absurd. It not only generates huge frustration for both the seller and the buyer, it also affects Spain's image as a country that welcomes residents'.

Investment Synergy - taking the uncertainty out of property investment .........

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